Amman, Baghdad chambers cooperate to boost trade, investment

AMMAN — The Amman Chamber of Commerce (ACC) and the Baghdad Chamber of Commerce (BCC) on Saturday joined hands to boost trade and investment relations between Jordan and Iraq,  entering into a strategic partnership meant to enhance economic integration and promote mutual interests.

The partnership capitalises on the shared objectives of both nations, backed by strong political support from their respective leaderships and the two nations' commitment to expanding their economic relations, taking advantage of available opportunities and encouraging greater private sector involvement, according to the Jordan News Agency, Petra.

During a meeting on Saturday with Firas Al Hamdani, BCC president, Khalil Hajj Tawfiq, ACC chairman, stressed the importance of renewing cooperation between the two chambers and called for the implementation of the Memorandum of Understanding signed last year, stressing the need for complementary economic relations to achieve common goals.

Attaching importance to developing a strategic action plan between the chambers in the coming months, Hajj Tawfiq called for the creation of a comprehensive database of economic opportunities in various sectors in both countries. 

He reiterated the Jordanian private sector's eagerness to enter the Iraqi market and participate in upcoming tenders and investment projects.

"The partnership between our chambers will not only increase bilateral trade but also stimulate investment, forge new business partnerships and expand our areas of cooperation," said Hajj Tawfiq. 

He also noted that the ACC will encourage Jordanian companies to work with their Iraqi counterparts and build strong business partnerships.

Hamdani outlined his government's vision to support the private sector, particularly in establishing economic partnerships with Arab partners, especially Jordan. 

Emphasising his country's commitment to removing barriers to trade between the two countries, he said "Iraq doors are wide open to Jordanian companies" and urged Jordanian companies to seize opportunities in the Iraqi market by partnering with local companies and taking advantage of investment prospects in sectors such as housing, industry, trade, infrastructure, information technology, construction and transport.

Hamdani emphasised that the partnership between the chambers aims to strengthen ties between the two nations, improve communication and consolidate economic relations.

"Facilitating trade between our countries is essential to achieving our common goals," he said.

Members of the Board of Directors of the Amman Chamber of Commerce, who attended the meeting, highlighted the importance of the partnership in sharing information on legislation, investment regulations and incentives available to the private sector. They also stressed the importance of increasing delegation visits and organising face-to-face meetings between chambers members and business leaders.

The discussions also highlighted key areas for enhancing Jordanian-Iraqi economic relations, including land and transit transport, using the port of Aqaba to transport Iraqi goods and focusing on sectors such as tourism, medical tourism and information technology, as well as streamlining the issuance of visas for Jordanians travelling to Iraq.